Can a co-op board set a minimum price below which an apartment can't be sold?
There are several units in a luxury building in Queens that have been on the market for over eight months. The brokers claim that the sellers will not accept a lower price because the co-op board will block the sale. They assert that comps in the building are higher and that a lower sale price will devalue the other units in the building. However the "comps" they cite are sales that took place almost one year ago when market conditions were different. Doesn't the board have a duty to effectutate a sale between a willing seller and a very qualified buyer?
Dear apartment buyer, first you must check with the co-op board if that is really true. To answer your question, yes the board can do that just to keep the value up even though that is not the real value. If that is true then the board can turn down your application. NOW you want to question your self if you want to buy in a building where the value is not real. If you want to talk about this please feel free to call me at 646 594 6447 or email me at sshrivastav@laffey.com.
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